$UBER option bulls score again

Option traders are booking more profits on upside positions in Uber (UBER) today.

On Sep. 21, Market Rebellion’s Unusual Activity Service found that 5,500 Weekly $45 calls, expiring this Friday, Sep. 24, were bought for $0.12 to $0.32 above the existing open interest of 1,979 contracts with shares at $42.21.

Those calls traded for as much as $1.93 so far today, or over 6 times their purchase prices. The stock rose 10.28% in the same time frame, illustrating the kind of leverage that can be achieved with options.

This marks the second winning trade in the name posted on Market Rebellion in as many sessions.

Long calls lock in the price where a stock can be purchased, gaining with a rally and providing leverage to the underlying shares. The contracts can quickly lose value if the stock stalls or pulls back but also carry less risk than owning the shares themselves.

UBER was last at $44.91, up 1.22% on the session.